The Steel Foundation of XRP
In a recent tweet, renowned crypto analyst EGRAG CRYPTO shared a detailed 4-month XRP price analysis that provided important insights and predictions. The analysis focuses on two major price zones, zone A and zone B, each with its own strong support zone referred to as the “steel foundation”.
Zone A, which spanned from $0.00485 to $0.02483 between 2013 and early 2017, had a steel foundation identified by EGRAG CRYPTO as the price range from $0.00485 to $0.00596. This foundation remained untouched even during market downturns.
Zone B, with a price range of $0.25939 to $2.00, had a steel foundation between $0.25939 and $0.32630. Despite experiencing temporary drops below this line due to factors like the SEC lawsuit, it has acted as a strong support since 2017.
EGRAG CRYPTO observed that XRP has never closed above the $2.00 mark when plotted on a 4-month time frame. Breaking past this resistance is seen as crucial for XRP to reach its all-time high of $3.40 achieved in January 2018, requiring a surge of over 580% from its current price.
More Insights From the Crypto Analyst
EGRAG CRYPTO also highlighted specific periods in June 2022, September 2022, and January 2023 when bullish sentiment prevented XRP’s price from breaching the steel foundation. Additionally, the chart emphasizes the significance of the $0.80-$0.85 range as a historical point of contention.
XRP has consistently failed to close above this threshold during bearish phases, always showing red. EGRAG CRYPTO believes that a monthly green candle closure above $0.83 will establish the next steel foundation, presenting a potential opportunity for traders and investors to buy the token under $1.
EGRAG CRYPTO also warns of a possible FOMO rush when XRP reaches the $2 range, indicating it as a crucial zone for traders. In conclusion, EGRAG CRYPTO advises the XRP community to stay informed and vigilant, promising further insights on longer timeframes.
As of now, XRP is trading at $0.5001.
Hot Take: Analyzing XRP’s Steel Foundation and Future Potential
EGRAG CRYPTO’s analysis of XRP’s price movements unveils the existence of two significant zones, each with its own strong support referred to as the “steel foundation”. The analysis highlights the importance of breaking past resistance levels, specifically the $2.00 mark, for XRP to revisit its previous all-time high.
The chart also emphasizes historical battlegrounds, such as the $0.80-$0.85 range, where XRP has struggled to close above during bearish phases. EGRAG CRYPTO suggests that a breakthrough above $0.83 could signify a new steel foundation and potentially be the last opportunity to purchase XRP under $1.
Traders should pay close attention to the $2 range, as it may trigger a fear of missing out (FOMO) rush among market participants. Overall, staying informed and vigilant is key for the XRP community as they navigate through these crucial zones and potential opportunities.
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